The digital market welcomed a giant partnership between the Canadian cryptocurrency payment provider, NetCents, and VISA as it offers a seamless transaction to merchants worldwide.
NetCents-Visa Credit Card a Cryptocurrency Breakthrough Allowing Merchants Seamless Transactions Backed by a Financial Giant https://t.co/bbjEuHkYXx— The Daily Blockchain News (@TDB_News) August 11, 2020
After announcing that it has completed its technical integration on the consumer credit card into its proprietary ecosystem as it planned to launch its credit card program based in Canada, NetCents ended its project and chose to join Visa’s Fintech Fast Track program, a collaboration that introduced the NetCents Visa Credit Card, or the so-called breakthrough in the crypto-powered market. The partnership of these two known brands allows crypto-wallet holders and traders to make real-time seamless transactions, in-store and online, to more than 40 million merchants worldwide that accept VISA, as reported by Market Watch.
With NetCents joining the Visa Fintech Fast Track program, it allowed the company to have access to Visa experts, technology and resources, said Visa’s SVP and Global Head of Fintech in an article published at Yahoo’s Finance website. It also paved the way for the NetCents Credit Card program to have its presence in the United States and expand to additional geographic markets, thanks to Visa’s global network reach.
Unlike other crypto cards present in the market, this card guarantees its holders that it will not require them to go online to pre-load cryptocurrency as it sometimes caused users not to appreciate the crypto value they receive. NetCents founder and CEO, Clayton Moore revealed during the interview that the card is directly tied to each user’s wallet and it enables them to spend cryptocurrency on a real-time basis. the CEO shared that it adapts an instant settlement technology, which allows merchants to convert funds into fiat at the time of purchase. He added that NetCents Visa Credit Card works like a debit card but with the functionality of a credit card.
Moore illustrates further that because it has instant settlement clients such as Bitcoin, Lightcoin, Ethereum, Bitcoin Cash, and Ripple, users are capable to spend up to three separate cryptocurrencies. Upon sign up, users will have to rank these cryptocurrencies in a priority order manner as they will be able to pair their credit cards. it assures cardholders that there is no risk of financial loss caused by losing the physical card since the coin stays in the user’s crypto wallet.
The CEO raised that out from these benefits, the possible problem they will encounter in this set up is the limited dataset the vendor will be working with. They see having segmented first-party data to a specific merchant which will make it possible to directly reach them.
This powerhouse relationship between the Visa platform and NetCents Technology, for Moore, showed the possibility of blending the Visa platform and the cost-effective and streamlined system that cryptocurrency offers.